Kross Ltd (KROSS)
🎯 Key Takeaways
- Kross Ltd is in a phase of targeted expansion within the auto ancillaries space, leveraging strong volume recovery in commercial vehicles and backward integration to drive margin expansion and profitable growth. Management is actively scaling capacity and export infrastructure while maintaining capital discipline, supported by healthy profitability metrics and low leverage.
- Revenue declined 18.2% QoQ to ₹184 in Q1FY27.
- ⚠️ Commodity price volatility, particularly steel, could pressure margins if pass-through mechanisms fail to keep pace.
📖 The Story
Kross Ltd is in a phase of targeted expansion within the auto ancillaries space, leveraging strong volume recovery in commercial vehicles and backward integration to drive margin expansion and profitable growth. Management is actively scaling capacity and export infrastructure while maintaining capital discipline, supported by healthy profitability metrics and low leverage.
📰 What's Happening
In Q1 FY27, Kross reported 32.3% YoY revenue growth to ₹184.7 crores with EBITDA margin expanding to 12.23%, driven by operational efficiency and favorable segmental tailwinds. Management highlighted the Parivartan scheme's impact in the CV segment, new export contracts, and capacity expansions including axle beam extrusion and seamless tube facilities. The board approved a preferential issue of up to 1.5 million equity shares and convertible warrants at ₹212 per unit to raise capital, subject to shareholder approvals. The company also scheduled its 35th AGM for September 16, 2026, where it plans to re-appoint four directors and ratify cost auditor remuneration.
Source: Stock Announcements
📊 Quarterly Results (₹ Cr)
| Metric | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|
| Revenue | 131 | 177 | 225 | 184 |
| Operating Profit | 13 | 21 | 31 | 20 |
| OPM % | 9.6% | 11.9% | 13.8% | 10.6% |
| Net Profit | 8 | 14 | 22 | 13 |
| EPS | ₹1.25 | ₹2.17 | ₹3.48 | ₹2.06 |
Revenue growth has accelerated sequentially and YoY, with Q1 FY27 revenue at ₹184.7 crores, up from ₹177 crores in Dec 2025 and ₹131 crores in Sep 2025, indicating strong momentum. Operating performance improved alongside margin expansion, with OPM rising to 10.6% in Q1 FY27 from 9.6% in the prior quarter, reflecting better cost management and scale benefits. PAT growth of 24.4% YoY in Q1 FY27, outpacing revenue growth, underscores operating leverage and pricing power in key segments like trailers and axles.
🔮 Management Outlook & What's Next
Management expects margin improvement to continue through steel price pass-through and conversion cost adjustments, with capacity expansions in seamless tube and axle beam extrusion facilities to be commissioned by Q4 FY27. Export contribution is targeted at 8% within two years, supported by new contracts and backward integration initiatives. The company maintains confidence in sustaining profitable growth, underpinned by capacity utilization, new product launches, and favorable industry tailwinds in the commercial vehicle segment.
Extracted from official company announcements. Not StockFin.ai's opinion.
🏦 Balance Sheet (₹ Cr)
| Item | Mar 2025 | Mar 2025 | Mar 2026 | Mar 2026 |
|---|---|---|---|---|
| Equity Capital | 32 | 32 | 32 | 32 |
| Reserves | 372 | 402 | 421 | 458 |
| Borrowings | 34 | 33 | 60 | 54 |
| Total Liabilities | 534 | 573 | 600 | 638 |
| Fixed Assets | 107 | 132 | 154 | 207 |
| Investments | 1 | 6 | 6 | 7 |
| Total Assets | 534 | 573 | 600 | 638 |
The balance sheet reflects a conservative capital structure with negligible debt (₹54 crores in borrowings as of Mar 2026) and strong equity reserves (₹458 crores), indicating financial resilience. Total assets grew to ₹638 crores from ₹573 crores YoY, driven by operational expansion. The company is deploying capital toward capacity enhancements and strategic initiatives, including the preferential issue, while maintaining ample liquidity and minimal leverage.
💰 Cash Flow Statement (₹ Cr)
| Item | Mar 2025 |
|---|---|
| Operating | -32 |
| Investing | -26 |
| Financing | +136 |
| Net Cash Flow | +77 |
👥 Shareholding Pattern
| Category | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|
| Promoters | 68.4% | 68.4% | 68.5% | 68.6% |
| FII | 2.3% | 2.4% | 2.6% | 2.5% |
| DII | 7.4% | 5.8% | 6.0% | 6.0% |
| Public | 20.0% | 20.1% | 19.3% | 19.6% |
| # Shareholders | 89,723 | 84,699 | 77,059 | 76,734 |
Promoter holding remains stable near 68.5%, indicating confidence in long-term prospects. Institutional interest is gradually increasing, with FII shareholding rising from 2.31% in Q2FY26 to 2.51% in Q1FY27, and DII from 5.78% to 6.05% over the same period. The number of shareholders has slightly declined, suggesting consolidation, but the core investor base remains stable. No significant dilution or exit signals from major investors have emerged.
⚖️ Peer Comparison — Auto Ancillaries
| Company | MCap (₹ Cr) | P/E | ROCE | ROE | D/E |
|---|---|---|---|---|---|
| MOTHERSON | 1.73 L Cr | 39.6 | 13.9% | 11.0% | 0.39 |
| BOSCHLTD | 1.43 L Cr | 60.4 | 21.7% | 15.9% | 0.00 |
| UNOMINDA | 69,435 | 57.7 | 19.3% | 18.9% | 0.37 |
| SONACOMS | 49,075 | 70.4 | 15.2% | 11.5% | 0.04 |
| ENDURANCE | 37,933 | 39.1 | 17.3% | 14.2% | 0.15 |
| EXIDEIND | 35,075 | 37.6 | 9.8% | 6.7% | 0.08 |
| CRAFTSMAN | 30,506 | 58.0 | 14.7% | 14.2% | 1.02 |
| ZFCVINDIA | 29,008 | 11.7 | 18.3% | 13.5% | 0.00 |
| SUNDRMFAST | 26,728 | 43.7 | 17.4% | 14.3% | 0.14 |
| SANSERA | 25,774 | 73.7 | 14.3% | 11.4% | 0.15 |
⚠️ Risk Factors
1. Commodity price volatility, particularly steel, could pressure margins if pass-through mechanisms fail to keep pace. 2. Execution risk around timely commissioning of new facilities (seamless tube by Q4 FY27) and integration of backward processes. 3. Export growth target of 8% in two years depends on global market conditions and contract execution, which remain uncertain. 4. Rising working capital requirements due to capacity expansion may strain cash flows if demand softens.
📋 Recent Filings
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🟡 Board Meeting 31 August 2026Kross Ltd announced a board-approved preferential issue of up to 1.5 million equity shares at ₹212 per share, raising [amount not verified], and up to...
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🟡 voting results 31 August 2026Kross Ltd seeks shareholder approval for issuing up to 1.5 million equity shares and 1.5 million convertible warrants at Rs. 212 per unit via preferen...
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🟡 Board Meeting 31 August 2026Kross Ltd announced the outcome of its August 31, 2026 board meeting, approving a preferential issue of up to 1.5 million equity shares at ₹212 per sh...
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🔴 annual report 24 August 2026Kross Limited disclosed the web link to access its FY 2025-26 Annual Report and Notice of the 35th AGM scheduled for September 16, 2026, via video con...
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🔴 annual report 20 August 2026Kross Limited announced its 35th Annual General Meeting on September 16, 2026, via video conference, with shareholders voting on key resolutions inclu...
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Announcement 10 August 2026Kross Limited announced it will meet analysts and institutional investors at the Equirus Institutional Investor Conference in Mumbai on August 13, 202...
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🔴 Financial Results 29 July 2026Kross Limited reported Q1 FY27 revenue of **₹184.7 crores**, up 32.3% YoY, driven by strong performance across trailer, axle, and tractor segments. EB...
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Announcement 27 July 2026Kross Limited announced that its earnings conference call for the quarter ended June 30, 2026, held on July 27, 2026, is now available as an audio rec...
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Announcement 25 July 2026Kross Limited presented its Q1 FY27 investor deck highlighting 32% YoY revenue growth to ₹184.3 crore driven by Commercial Vehicle segment strength, w...
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🟡 Board Meeting 24 July 2026No summary available
🧠 Analyst's Read
Kross Ltd is transitioning from volume-driven growth to scalable, margin-accretive expansion with clear capital allocation discipline. The next watchpoints are execution of capacity additions, progress on export targets, and management's ability to sustain margin momentum amid commodity swings. Investors should monitor AGM outcomes and updates on the Parivartan scheme's impact in FY27.
Based on filing content and financial data. Not a recommendation.
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Data sourced from stock announcements. Analysis generated by StockFin.ai.
For informational purposes only — not investment advice. Updated 2026-09-12.
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This analysis was programmatically compiled using StockFin AI utilizing official regulatory disclosures from the BSE and NSE. Content is automatically synthesized and audited against public financial filings. StockFin.ai is an educational research platform and is NOT a SEBI-registered investment advisor or research analyst.
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